India Commercial Vehicle Wiring Harness Market to Reach $1.47 Billion by 2031 | CAGR 6.8%
India commercial vehicle wiring harness market is expected to witness a significant growth during the forecast period, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making advanced, reliable, and efficient commercial vehicle wiring harness solutions. India commercial vehicle wiring harness market is expected to grow at a significant rate during the forecast period, owing to rise in demand for feature-packed vehicles in India.
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Greater adoption of the internet of things to stay connected is further expected to offer growth opportunities during the forecast period. For instance, in July 2021, Furukawa Electric developed a 6,912-fiber ultra-thin fiber optic cable, using 16-strand rollable thin ribbons and the S12M16 ribbon welder and related tools. Moreover, rise in infrastructural developments in the country is expected to bolster the growth of the market during the forecast period. For instance, in December 2021, the Ministry of Road Transport and Highways of India (MoRTH) announced an investment worth $92.4 billion for infrastructure projects to be spent over the next 2-3 years.
Developments by companies such as Dhoot Transmission Pvt. Ltd. and Yazaki Corporation are expected to boost the market growth during the forecast period. In February 2019, Dhoot Transmission acquired Bengaluru-based harness and panel maker, San Electromec to enhance its portfolio, particularly in railways, defense, construction and specialty vehicle segments). In July 2021, Yazaki India announced its plans to set up wire harness manufacturing unit in Manipur, India.
By material, the India commercial vehicle wiring harness market has been categorized into copper, aluminum, and others. The copper segment accounted for the highest revenue in 2021, owing to high demand for copper for making commercial vehicle wiring harness in India.
On the basis of propulsion, the India commercial vehicle wiring harness market is bifurcated into ICE vehicles, electric vehicles, and hybrid vehicles. The ICE vehicles segment garnered the highest revenue in 2021, owing to high installation of wiring harnesses in ICE vehicles in India.
On the basis of vehicle type, the India commercial vehicle wiring harness market is bifurcated into commercial vehicles and construction equipment. The commercial vehicles segment garnered the highest revenue in 2021, owing to high usage of wiring harnesses in commercial vehicles in India.
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Depending on voltage, the India commercial vehicle wiring harness market is fragmented into low voltage and high voltage. The low voltage segment was the highest revenue contributor in 2021, owing to a majority of the commercial vehicle wiring harness being used for low voltage applications.
Depending on application, the India commercial vehicle wiring harness market is fragmented into body and lighting, engine, HVAC, chassis, dashboard and cabin, and others. The chassis segment was the highest revenue contributor in 2021, owing to a majority of the wiring harness being used for chassis part.
COVID-19 Impact Analysis :
The COVID-19 impact on the commercial vehicle wiring harness market is unpredictable, and is expected to remain in force for a few years. COVID-19 pandemic led to sudden fall in the availability of important raw materials for vehicle and component manufacturing, including wiring harnesses.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to sudden fall in demand for automobiles in India.
Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations.
The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues globally. However, with the upliftment of strict regulations and economic activities resuming, the market for commercial wiring harnesses is expected to witness lucrative growth during the forecast period.
Leading Market Players :
Aptiv PLC
Cypress Industries
Dhoot Transmission Pvt. Ltd.
Fujikura Ltd.
Furukawa Electric Co. Ltd.
Lear Corporation
Robert Bosch Gmbh
Samvardhana Motherson Group
Spark Minda
Yazaki Corporation
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Key Findings Of The Study :
By material, the aluminium segment is expected to register a significant growth during the forecast period.
On the basis of propulsion, the electric vehicles segment is anticipated to exhibit significant growth in future.
On the basis of vehicle type, the construction equipment segment is anticipated to exhibit significant growth in future.
According to voltage, the high voltage segment is projected to lead the India Commercial Vehicle Wiring Harness market.
By application, the dashboard and cabin segment is projected to lead the India Commercial Vehicle Wiring Harness market
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